WUS(002463) 国金证券·2025-04-09 14:10Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is projected to achieve a net profit of 7.2 to 8.2 billion RMB in Q1 2025, representing a year-on-year growth of 39.86% to 59.28% [1]. - The growth is driven by structural demand for printed circuit boards (PCBs) in emerging computing scenarios such as high-performance computing servers and artificial intelligence [1][2]. - The company is accelerating capacity expansion to meet strong demand, with AI-related products expected to account for approximately 29.48% of its enterprise communication market revenue in 2024 [3]. - The company has a significant overseas revenue share, with 83% of its revenue coming from international markets in 2024, and a high gross profit margin of 91% from overseas sales [3]. Summary by Sections Performance Review - The company anticipates a net profit of 7.2 to 8.2 billion RMB for Q1 2025, with a growth rate of 39.86% to 59.28% year-on-year [1]. - The expected net profit after deducting non-recurring items is projected to be between 7.04 and 8.04 billion RMB, reflecting a growth of 41.77% to 61.91% [1]. Operational Analysis - AI remains the strongest demand driver, with significant capital expenditure increases from major cloud computing firms like META, Google, Microsoft, and Amazon, projected to grow by 60%, 43%, 45%, and 20% respectively in 2025 [2]. - The company is enhancing its production capabilities to align with the growing AI demand, launching projects for high-density interconnect PCBs and AI chip supporting PCBs [3]. Profit Forecast, Valuation, and Rating - The company’s net profit forecasts for 2025 to 2027 are 35.5 billion RMB (down 13.2%), 49.6 billion RMB (down 7.3%), and 58.3 billion RMB respectively, with corresponding P/E ratios of 13.5x, 9.7x, and 8.2x [4]. - The report highlights the potential for further upgrades in profitability due to the company's focus on high-end product development [4].